Using the natural experimentation opportunity provided by the Supreme Audit Institution’s audit of central enterprises during 2010-2017, and based on the spirit of state-owned enterprise and audit management system reform proposed by the party’s 19th National Congress, we select some commercial central enterprises of holding listed companies as research samples and examine the function of government audit to supervise and promote state-owned enterprises assets to maintain their value and increase their value. The research results show that the government audit has the function of supervising and increasing the value of state-owned enterprises assets. This function is mainly achieved by expanding the breadth of government auditing targets, strengthening the exercise of national government authority, and increasing the depth of government audit goals. The conclusion of this study shows that the Party Central Committee’s decision on assigning audit authority of state-owned enterprises to the Supreme Audit Institution is reasonable, thus promoting the value preservation and appreciation of state-owned enterprise assets.